KPS Capital Partners has recapitalised its portfolio company Attends Healthcare for $133 million, collecting $35 million in cash distributions for investors.
It is the second time KPS has recapitalised Attends in the past 14 months, following a $98 million recapitalisation last March to refinance outstanding debt and fund a $60 million cash distribution for stockholders. KPS and Attends management will continue to own 100 percent of Attends’ common stock.
Financing for the recapitalisation was provided by Wells Fargo Commercial Banking and Regiment Capital Special Situations Fund V. Lincoln International acted as financial advisor to Attends and KPS.
Proceeds from the financing are being used to refinance outstanding debt, fund the $35 million distribution to investors and fund the company’s growth.
L&L Gates served as legal counsel to Attends.
Since January 2010, KPS portfolio companies have completed an aggregate of $1.6 billion of financings, resulting in nearly $650 million of cash distributions to investors.
Last August, KPS recapitalised Global Brass and Copper for $465 million, collecting $102 in cash distributions. Financing came in the form of a $150 million asset-based credit revolving facility provided by Wells Fargo Capital Finance and GE Capital Markets, and a $315 million term loan provided by Goldman Sachs.